How Couples are Paying for Their Engagement Rings
Should I pay for part of, or maybe even all of my own engagement ring? It’s a brave new question that modern women have started to ask themselves, and a topic Refinery 29 bravely raised in their spring edition.
The average age to marry in the US has been climbing. It’s now twenty-seven, and tying the knot has more life experience behind it than ever before. While the DeBeers myth of three months salary as the appropriate budget is a thing of the past, the average engagement ring is still $6,000. It’s a considerable purchase, especially when you consider the wedding, honeymoon, and everything else coming right behind it.
So what strategies are smart young couples using to pay for their engagement ring?
- Saving up. Apps like Acorn have made it easier than ever to squirrel away your change for a rainy day. With a little planning, you’ll be flush just in time to pop the question.
- Financing. Financing can be risky business, and buyers should research before taking the leap. But, with new customer-friendly options like Affirm, it’s safer and easier than ever.
- Embracing lab grown. Alternative options like lab-grown diamonds are better for the wallet and better for the planet. At nearly half the cost of mined diamonds, you can upgrade your carat, or your honeymoon.
- Going Dutch. With more and more women earning the same (or more) than their partners, splitting the bill is a growing trend among the soon to be engaged. It’s the first of many big financial decisions you’ll be making together. Start getting used to it.
We took to Instagram to get your thoughts on going dutch. When asked “would you consider paying for or splitting the cost of your engagement ring with your life partner to be,” 57% of you said yes.
Shopping together is becoming increasingly popular, and many of the decisions surrounding engagement rings are getting discussed more openly. As the wage gap continues to decrease, we can’t help but think that splitting the bill will become more and more popular.
Everyone loves a surprise proposal, but we’d also like to salute the lady who buys the ring of her dreams without fearing tradition or judgment. Depending on the circumstances, it can be practical, without spoiling the romance and services like complimentary try at home are making this easier than ever.